A Next Media newspaper says group plans complete withdrawal from Taiwan. Photo: AFP

Flamboyant Hong Kong media mogul Jimmy Lai plans to leave the Taiwan market, according to a report in one of Lai’s publications.

Apple Daily reported on its web site that Next Media would “completely withdraw from the Taiwan market” by selling its Taiwan media operations, including magazine, TV and video assets to a Taiwanese consortium for around US$600 million. It said the deal is expected to be closed by December.

Lai had said earlier this month that he was selling his loss-making television business, noted for its dramatised, animated news, but did not refer to the print businesses in Taiwan.

Apple Daily newspaper said at the time that Next TV and an affiliate would lay off 500 employees in the unit’s sale to Lien Tai-sheng, owner of Taiwan’s Era Television adding that Next TV incurred losses of over US$340 million.

Next Media remained suspended on Tuesday afternoon. It last closed at HK$1.12.